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a condominium, and san francisco, the financial center, go and try to buy a condominium. where's the wealth effect in the rest of america? it just has not worked. >> is there a world outside of new york? come on! >> energy-rich states aren't experiencing a wealth effect? florida's not experiencing a wealth effect? >> of course they are. >> no, they are experiencing a wealth effect. >> tell me what their unemployment rate is. >> what are you saying, pete, that there is no wealth effect? that when the stock market is going higher, people don't feel richer and they don't act -- >> real estate is a more important wealth -- >> but that's what the fed was counting on. they were counting on the wealth effect, because all they've done is create bubbles once again. you thought we had a bubble in '07? look what's happened now? look at manhattan real estate, look at san francisco real estate. look at collectibles. lack at all of the things that were bubbles in '07. we started the deleveraging process, it started to look out nicely, liquidation of debt, and now we're back to where we started. >> and of
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